A consumer’s responsibility is to take delivery of the purchase invoice from the seller during purchase .Because if he takes delivery of the vat invoice properly .it will ensure deposite of the VAT included in this invoice to the Government treasury rightly .
As a good citizen,i shall pay VAT on the following reasons
- It is the moral obligation of a citizen to pay tax in order to abide by the law of the state .
- development of the state is not possible without the money received from tax.
under the purview of VAT procedure 1991 the standerd rate of vat is 15% .Accourding to the budget of the last financial year(2015-16) apart from the standerd rate ,10 ower rates are in place on the basis of reduced base price in case of some services e g , 1.5%,2 %, 2.5%, 4%, 5%,5.5%, 6%,7.5%,9% and 10%
the standerd rate of vat is 15%.Applicable rate of vat in case of import and supply is 15% and incase of export is 0%
মূসক হলো স্বনির্ধারনী পরোক্ষ কর। সরবরাহকৃত পন্য বা সেবার ওপর প্রদেয় করের বিপরীতে উপকরন কর সমন্বয় করে পন্য বা সেবার মূল্যস্তরের প্রকৃত সংযোজনের ওপর আরোপিত করই ঐ পন্য বা সেবার মূল্য সংযোজন কর বা মূসক
Valu Added Tax or VAT is such an indirect tax which is paid by the consumer through a registered person valu Added Tax or VAT on a particular goods or services determind on the basis of adding actual level of valu of the said goods or servic adjusting input tax payeable against the supplied goods or service .
supporting a goods was purchase for taka 1000 and it was sold at taka 1500 in that case, an amount of taka 130.43 was included as VAT for the purchase of taka 1000 (calculation 1000*15/115) likewish, VAT amount of taka 195.65 shall be included of taka 1500.If the goods is sold at the price (calculation1500*15/115)
Actual addition will be taka 500 if the goods is sold at taka 1500 and as the seller had paid the price of the goods during purchase inclusive of the VAT. He will pay the vat at the actual level of addition at the stage of sale ,that is on taka 500, taking back the VAT paid by him at the stage of purchase
payable VAT on taka 1500 Taka 195.65
VAT included in taka 1000 Taka 130.43
Net payable vat on taka 500 Taka 65.22(calculation 500*15/115)
Method of calculation by seller =(1500*15/115)-(1000*15/115)
The VAT payer is the last consumer of goods or service in the valu added Tax procedure .The supplier or seller realizes VAT from the purchaser at every level of sale and deposite to the Government treasury. A s the consumer is the last among the purchasers,therefore,the ultimate liability of VAT devolves on the consumer . The supplier or seller deposite the VAT realized only at the level of sale to the government treasury .
procedure of value added tax or VAT is an automatic taxing procedure based on input tax credit against supply or sale. The supplier accepts the paid up VAT on the purchase tax of the goods or service during the purchase as credit as against the VAT included in the price during supply of such goods or service and he pays the net amount of VAT. Therefore ,the seller realizes the vat from within the price obtained from the buyer and depositethe net amount of VAT to the Government treasury after taking credit on vat at purchase level.
As VAT is considered to be a consumer tax the consumer shall pay the whole amount of vat as applicable on goods or service . As an intermediary procedure ,the procedure, the supplier ,all at every levels of sale, shall realize VAT on behalf of the Government and deposite to the Government treasury.
VAT is levied on taxable import and taxable supply. VAT will be levied at the rate of 15% on all imports and supplies expect on goods and services waived under the provisions of the first schedule of law.